In the past 24 hours, the total cryptocurrency market capitalization has surged by 9.5%, adding over $216 billion to its value. As a result, the market cap is approaching $2.5 trillion, reflecting renewed investor optimism and increased activity across the sector. This notable rise signals growing confidence among market participants, with heightened interest in digital assets.
Spot Bitcoin ETFs See Record Inflows Amid Bitcoin’s New High
On November 6, U.S. spot Bitcoin exchange-traded funds ($ETFs) saw substantial inflows, totaling $621.9 million, as Bitcoin reached a record high of over $76,000. This marks a reversal from a three-day streak of outflows totaling $712.9 million. Fidelity’s FBTC ETF led the charge with $308.77 million in inflows, followed by ARK 21Shares’s ARKB at $127 million and Grayscale Bitcoin Mini Trust with $108.81 million. Additional smaller inflows were observed in Grayscale’s GBTC and VanEck’s HODL.
Crypto Community Optimistic About Trump’s Potential Impact on Industry
The cryptocurrency community is expressing optimism regarding the potential for a Trump victory in the upcoming U.S. presidential election, viewing it as a catalyst for long-term industry growth. Proponents expect Trump to introduce clearer cryptocurrency regulations and follow through on promises to take decisive actions, such as removing SEC Chair Gary Gensler "on day one" and promoting U.S.-based Bitcoin mining. These proposed moves are anticipated to create a more favorable regulatory environment for crypto, encouraging further investment.
FOMC Decision Could Influence Market Movements
Traders are closely watching the Federal Open Market Committee ($FOMC) meeting, as the upcoming decision by the Federal Reserve is expected to generate market volatility. With a 97.4% probability of a 0.25% rate cut, analysts are anticipating potential market fluctuations. Following the FOMC’s meeting, comments from Fed Chair Jerome Powell will be closely scrutinized for guidance on future policy direction. Analyst Andrea Capellini predicts Bitcoin could rise to between $77,000 and $77,500, though a pullback could follow as traders adjust their positions after the decision.
Weekly Unemployment Claims Expected to Increase Slightly
The upcoming release of the weekly unemployment claims report is expected to show a slight increase, with estimates predicting 230,000 new claims compared to 227,000 the previous week. This minor uptick may reflect an increase in layoffs or job disruptions, providing insight into the health of the labor market amid broader economic conditions. Economists will closely monitor these figures, as they are likely to influence expectations for future economic policies and interest rate decisions.
